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scoop. honeywell chairman and ceo. david: warning if congress fails, everybody's taxes will go up. representative ron paul is skeptical and agreement can be reached by both sides before the big deadline. ron paul here on "after the bell." find out why he isn't expecting a lot from his fellow lawmakers or from the resident and what he wants to see from capitol hill. liz: but first, today's data download. the dow has tumbled to 35% this election day. the steepest six-day drop the whole year. the astro astros and financial worst-performing s&p sectors. retail sales falling for the first time in three months in october. hurricanehurricane sandy's sout. after climbing 1.3% in september. all that good will from september certainly got washed a little bit away from hurricane sandy. largest fallethe largest fall in one year. watch out for auto sales. maybe they will be buying and we will see it go higher. prices snapping four straight month of gains. the ppi drop into sensitive percent after declines in energy and auto. david: in the pit of the cme in chicago. telling us why this market r
with the president and lawmakers, urging them to compromise on the fiscal cliff. we speak to honeywell's david cote. >> tom: i'm tom hudson. automakers go green. general motors' unveils its newest all-electric chevy spark. >> susie: and what would you do if you won powerball? some advice tonight on how to handle winning $550 million. >> tom: that and more tonight on "n.b.r." >> susie: a parade of business leaders in washington today to persuade president obama and congress to avoid the fiscal cliff. with just 33 days left to nail down a deal, c.e.o.s made the rounds to explain to lawmakers that because of cliff gridlock, they're holding back on hiring and spending. as darren gersh reports, c.e.o.s weren't the only ones campaigning hard today. >> reporter: the president and republicans focused today on staging events designed to pressure the other side. the president called on americans to tweet, facebook and call members of congress to tell them to pass tax cuts for everyone making less that $250,000 a year. >> 97% of small businesses would not see their income tax go up by a single dime. even the
with lawmakers today joins us. he is david cote, c.e.o. of honeywell. david, thank you so much for joining us. we really appreciate it. did you get the sense from house speaker boehner, he is ready to make a deal? >> i would say there is a recognition on all sides about the significance and importance of a deal. it is a real question about getting both sides en the room to actually hammer it out and get something done because we don't have a lot of time left. >> susie: president obama said he would like to have a deal by christmas. from what you heard today, how realistic is that? >> if they want to, they can get this done in a couple of days. it is just a matter of kind of working out some of these important details. but it's a matter, i think, they just need to get together and get started. i think both recognize the need for a market-credible $4 trillion deal, and it has got to comprise both tax increases that are believable and that will happen, and entitlement reform that is believable and will happen. both of those things will have to be an important part of this. >> susie: did speaker boeh
out with the market and your money hanging in the balance, cramer is taking action. honeywell ceo dave cote talks about his role in the fix the debt campaign and his take on whether we can avoid the fiscal cliff. and later, ready for takeoff? shares of boeing have been caught in the holding pattern this year. could the flight path be changing or will fiscal cliff concerns keep it grounded? all coming up on "mad money." ally bank. why they have a raise your rate cd. tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally bank. your money needs an ally. >>> when you hear people going into doom and gloom mode about the fiscal cliff, they are talking about multiple things. our government has made it so that a whole bunch of negatives will happen on the same day. spending cuts could put over two million american jobs at risk. oh, and speaking of the debt ceiling. we are getting close to h
.e.o. of honeywell and a member of the simpson-bowles commission which came up with the budget plan. last week, president obama sought his advice. we asked cote to put america's debt into perspective by comparing it to the size of the overall economy. >> our debt is higher as a percent of g.d.p. today than it has been at any time in our history since the revolutionary war with the exception of the end of world war ii when we had a very good reason to be doing that. so we have to do something. >> pelley: what is the size of the problem? >> our net debt today if you include the impact of borrowing from social security is about $11 trillion today and over the next ten years grows to about $20 trillion. that means our annual interest bill would be a trillion dollars a year. it's ridiculous! >> pelley: dave cote knows about fixing finances. he pulled honeywell out of a slump. it's one of america's largest industrial conglomerates. 130,000 employees make products ranging from aircraft parts to home thermostats. given the uncertainty of what's going to happen next how much effect does that have on yo
is running out with the market and your money hanging in the balance, cramer is taking action. honeywell ceo dave cote talks about his role in the fix the debt campaign and his take on whether we can avoid the fiscal cliff. and later, ready for takeoff? shares of boeing have been caught in the holding pattern this year. could the flight path be changing or will fiscal cliff concerns keep it grounded? all coming up on "mad money." i♪ what's today's dare? erase the damage of 100 blow-drys [ female announcer ] with daily moisture renewal from pantene. the pro-v system nourishes to lock in moisture erasing the damage of 100 blow drys for a silky, soft touch. think only salon brands can do that? i took the dare...will you? [ female announcer ] daily moisture renewal from pantene. hair so healthy it shines. to volunteer to help those in need. when a twinge of back pain surprises him. morning starts in high spirits, but there's a growing pain in his lower back. as lines grow longer, his pain continues to linger. but after a long day of helping others, he gets some helpful advice. just two aleve h
. in a first-on interview, honeywell chief david cote tells maria about what trab spired at the highly anticipated business leaders meeting with the president and when his impressions are that a deal on the looming fiscal cliff can get done. >>> plus, tax hike negotiator. the president wants $1.6 trillion with a "t" more in taxes. is this a negotiating ploy? how will it affect the upcoming talks with john boehner? two top-tier negotiators give their insight into how the meeting could unfold. >>> and trading places. charles schwab ceo talks exclues i havely to maria about the current crisis of confidence in the stock market. could a deal on the looming fiscal cliff be just the shot in the arm sagging equities need? that and a whole lot more is ahead on the "closing bell." >>> all right. we want to show you a live picture of the white house. we are waiting for the ceos to start tricking out of the white house. they are in a meeting right now with president obama talking about the fiscal cliff, talking about ways to get the deficit and debt situation in this country in order. as soon as t
to turn around what some call a broken business model? >>> and maria means business. honeywell ceo fresh out of his meeting with the president tells maria what went on behind closed doors. >>> then the schwab ceo tells us about the confidence in stocks. can a deal on want fiscal cliff be just the elixir the markets need? that and a whole lot more is ahead on the "closing bell." >>> welcome back. less than 50 minutes in the trading session. if you're just joining us, let's get you caught up on this day with the selling intensifying. falling to fresh session lows as the president dug in his heels on taxing the top 2% income earners in this country during his news conference. the major averages also dropped when the fed's latest minutes showed another possible round of economic stimulus coming next year whether you call it qe-4, qe-3, whatever you want to call it. the dow is down 142 points. we are very near the session lows right now. industrials, financials, materials among today's laggards. in fact, the s&p industrial index dropped to its lowest level in more than two months as part of t
's honeywell ceo david could they suggesting something very similar. >> the big nut has to be medicare, medicaid. at the end of the day, you can't avoid the topic. especially with the baby boomer generation retiring. it's gog literally crush the system. >> going to just crush us, man. it's going to crush us. very interesting considering how honeywell did not pay any corporate taxes between 2008 and 2010. in fact, it got $34 million in rebates from the government. these ceos also talk about the need for revenue, but of course, without specifics. >> in the long run, there has to be more revenue and, of course, the burden of that revenue will be disproportionately taken up by wealthier people. >> we collect $2.2 trillion in tax buzz we giveaway half of it in credits and deductions. the fact is, you need more revenue. >> the group calls itself the campaign top fix the debt and includes boeing and general electric. which along with honeywell will get big defense contracts. some former lawmakers including msnbc political analyst ed rendell for full disclosure are on the group's steering comm
the ceos of ge, honeywell, walmart, ibm and more will be there. the president then meets with congressional leaders friday to address the cliff. "i intend to work with both parties. i said over and over again on the campaign trail, we can't cut our way to recovery, we have to ask the wealthiest americans to pay more." "instead of raising tax rates on the american people and accepting the damage it will do to our economy, let's start to actually solve the problem. "let's focus on tax reform that closes special interest loopholes and lowers tax rates." without an agreement between lawmakers, $600 billion in automatic spending cuts plus tax hikes affecting all americans are set to trigger at the end of the year. greece remains a country on the brink. sunday greek leaders approved a 2013 budget that includes deep spending cuts to pensions and wages, even as protesters took to the streets. now greek leaders are still awaiting word from eurozone finance ministers on whether it will recieve a $40 billion bailout loan. greece needs the money by friday. gas rationing is set to end in new jersey tod
's going to crush the system. >> it's going to crush us. it's interesting considering how honeywell did not pay any corporate taxes between 2008 and 2010. in fact, it got $34 million in rebates from the government. these ceos also talk about the need for revenue. but of course, without specifics. >> in the long run, there has to be more revenue and the burden will be taken up by wealthier people. that's just logical. >> we collect $2.2 trillion, but we give away half of it. you need more revenue. >> the group calls itself the campaign to fix the debt. it includes boeing and general electric, which along with ho y honeywell, will get big contracts. ed rendell is on the group's committee. the real issue is the position taken by these corporate ceos. joining me is e.j. dionne, author of the book "our divided political heart." this looks like a publicity tour taking aim at earned benefits instead of corporate welfare. it's like these guys have the power to go out and command the camera and the exposure and to make their case that everybody else is the problem but their corporate welfare, h
includes the heads of american express, xerox, ge, and honeywell. the white house says he'll call for $1.6 trillion in tax hikes on businesses and wealthy americans, more than republicans are likely to accept. speaking at a "wall street journal" event tuesday, tim geithner warned congress against delaying a solution to the fiscal crisis. >> if you say again, as we've had to do before, because there was no alternative, we're going to extend and delay, what gives people confidence that people have to negotiate this will come to the table and negotiate? they always believe they can just extend again. i know the cliff is unattractive. it would cause a lot of damage to the american economy. that damage is imminently avoidable. not that complicated to solve. >> hmm, not that complicated. not so sure. just as one leadership transition is behind us -- oh, i should mention before we move on to talk about china. at that same "wall street journal" event, 70% of ceos and top executives say the fiscal cliff is their primary concern. so perhaps justifying all the coverage of it. china's new leadership
'll talk to within of them who was in the room, honeywell ceo david cody on the state of the economy. try running four. fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. and we got onesies. sometimes miracles get messy. so we use tide free. no perfumes or dyes for her delicate skin. brad. not it. not it. just kidding. that's our tide. what's yours? >>> we are joined now by our roundtable, andrea mitchell and david brooks. former ceo of hp carly fiorina. al sharpton is here. and we're pleased to have ken burns. his new film "central park five" debuted in new york on friday. and we'll be talking about that. ken, great to see you. hope you all had a great thanksgiving. now we're looking ahead, because things are going to get serious in washington. amid all the holiday parties for the president, he has to try to get a fiscal deal. reverend al, based on what you've hear
. >> what do top business leaders want to see out of a budget and debt deal? we'll talk to honeywell ceo david cody joining us next here on "andrea mitchell reports." [ male announcer ] when was the last time something made your jaw drop? campbell's has 24 new soups that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. open enrollment is here. the time to choose your medicare coverage begins october 15th and ends december 7th. so call to enroll in a plan that could give you the benefits and stability you're looking for, an aarp medicarecomplete plan insured through unitedhealthcare. what makes it complete? it can combines medicare parts a and b, which is your hospital and doctor coverage with part d prescription drug coverage, and more, all in one simple plan starting at a zero dollar monthly premium -- no more than what you already pay for medicare part b. an aarp medicarecomplete plan offers you benefits like an annual physical, preventive screenings and immunizations for a $0 c
of honeywell international, the chairman and ceo of at nine also the president and ceo of all state. interesting. from candy bars to caviar beverly hills caviar has brought luxury food to break by preissing the touchscreen caviar vending machine. do you stand there to say which there was a vending machine to give me caviar? also troubles, as cargo prices between 50 and $500 they sprung up in moscow but it is not the only vending machine from sprinkle cupcakes to marijuana up. the institute for the study of four discusses president morsi power grab in a dangerous tension added to the middle east. that is to night. what will it take to get a deal on a fiscal cliff? don't miss it. stocks try to climb back from session lows on news about the fiscal cliff. is it profit taking from the best week in five months were a sign of more selling to come? we will find out. and with five weeks until the cliff, both parties are still really far apart on taxes and entitlement reform. a new ruling read slate into another constitutional challenge to the individual mandate. he tells with elizabeth macdo
way. you know i think honeywell is a tremendous company. because he is on the steering committee of the fix the debt campaign and he is spearheading it. welcome back to "mad money." >> always great to see you. >> welcome to the radical middle. >> yeah, hey, radical middle. that is what it is. when we talk about rise above into the radical middle. you are seeing the president tomorrow. what are you going to say to m him? >> we have the worst debt problem we have had in over 200 years since the revolutionary war. democrats and republicans have to work together. we have to come up with a $4 trillion plan and with a similar tax system with entitlement programs that have to get reformed. and some discretionary spending cuts and they need to get this done. i believe that if they were to do something like go off the fiscal cliff. it could promote a bigger crisis and recession. this could be something that we can't predict where it is going to go. that is silly. >> right, on the other side of it. i think there is a potential for a robust recovery that economists are estimating. there a
: one ceo of honeywell said there's so much uncertainty hanging over the economy because business isn't confident that washington can go its basic job. he says people like me just aren't hiring. kate. >>> mike viqueira at the white house. senator john mccain softened his tone after vowing to block the nomination of u.n. ambassador susan rice to be hillary clinton's successor. he argued that rice damaged her credibility when she said the attack was a spontaneous protest to an anti-muslim video not a planned terror attack. today mccain was asked if he might change his mind about ambassador rice. >> i give everyone the benefit of explaining their position and the actions that they took. i'll be glad to have the opportunity to discuss these issues with her. >>> still ahead, sick and tired of being bullied on the road. how cyclists are taking matters into their own hands. >>> later, mick, heath and the stones still rolling after half a century on top. [ male announcer ] are you considering a new medicare plan? then you may be looking for help in choosing the right plan for your needs. so d
. >> thanks. >> susie: tomorrow on nbr, honeywell c.e.o. david cote will be on capitol hill talking with republican leaders about the fiscal cliff. after that, he'll join us with the news and his analysis. >> tom: "beyond the scoreboard" tonight, google is a feared competito from its dominant poition innternesear to the android smart phone software. now, it's getting into the game of live professional sports video. here's rick horrow. >> reporter: google has agreed to pay the nba a figure in the low six digits to stream 350 development league games on youtube this season. the deal marks the most live games on youtube by a major professional sports league. the partnership between the nba and google's youtube is being touted as an "experiment" to see how many views and how much online ad revenue can be generated from the games. when it comes to online video, the nba is arguably the most progressive u.s. sports league, having launched a dedicated youtube channel back in 2005. but for as much of an experiment as this is for the nba, it's an equally intriguing test for google. live sport
's eliminate that. cheryl: where do they fit nto this scenario? fatcat ceos, those from honeywell, allstate, do you think that that is going to be a sitive conversation? will congressional leaders listen? >> i would think that they have been listening to the ceos all along. and even lookng at wall street and main street and they all say the same thing. we want certainty out of washington. we haven't gotten it from is administration, whether it is dodd-frank and all the mess that the excessive spending. so i think that wall street and main street will say the same thing. stoppending soso much, put your fiscal hou in order. >> let me ask you about warren buffett. warren buffett saying that there's no tax pledge doesn't work. today, and i would like to play this to you over and over, he responded. take a listen to this. >> i agree with part of it. warren buffett really believe what he said, he could do it any other american who thinks that they are not paying enough xes, he could stop fighting the irs and just start paying for the irs says that he should be paying today. that is one thing. cheryl:
industrials but we have the ceo of honeywell coming up, just in a meeting with president obama, so let's begin after the bell with david asman. david: a lot of people sit in it he started talking the market went down. i think it was much more to do with what the federal reserve was saying about when they may raise rates. they broach the subject of raising rates even though it is in the future. liz: that and possibly qe4 and people trying to blame the president. we know nicole petallides talking to all the traders and accelerating losses into the close. nicole: he said we have further to go to the downside, looking at the technicals were not actually by the market until we were a nice pop for facebook. liz: on the down day, abercrombie and fitch came out with sales just down on fifth avenue can see there is always a line for this company. nicole: they were down 36% year-to-date after the close. today a complete turnaround saying the sales are doing well. good numbers for abercrombie. david: left the president off the hook for today's action but look at the five days since the president was reel
in the days ahead. >> former honeywell ceo larry bossety is here on how to get washington to rise above the politics and get businesses back on track. >> safeguarding the portfolio ahead of the fiscal cliff. the smartest minds in the game will tell you how. >> making hot profit. >> another american made story you don't want to miss. the second hour of "squawk box" begins right now. ♪ >> welcome to "squawk box." i'm becky quick along with joe kernan. andrew is out on vacation today. the futures are indicated high they are morning. this is coming despite the idea of -- the two sides of the fiscal cliff not any closer on getting any sort after deal done again, we are looking at some green arrows on this friday morning. let's get to some of the headlines that are out there as we. president obama takes to the road today to pitch his already rejected deal to solve the fiscal cliff. he will be traveling to pennsylvania to push his pitch for tax increases on the wealthy. republicans say the campaign-style tactics are getting in the way of productive talks. more companies are announcing specia
this. >> it is being led by honeywell and from g.e., and those c.e.o.'s are no surprised and the c.e.o. of ford or amex, in surprise there. forget who is going, think who is not going. the closest national titan -- jamie dimon is not on the list. >>neil: what do you make of that? >>guest: it is clearly, what my mother would say, you voted, you voted for him and you supported my opponent and now --. >>neil: i thought he would be bigger than that in the second term. >>guest: did you hear him speak after he won? listen, what everyone knows is going down here and this is a show, a joke, what people know is the battle. president obama and we reported this today, e bowls is asked to be a negotiators and we were the first to report that, a go define congress and the president and he said "no." they will pick jack lou, a partisan liberal, for treasury secretary. >>neil: you do not see any possibility for a surprise? >>guest: everyone they are talking saying it is jack lou so that means the president is going for push with the congressional republicans and public his agenda which is higher
't be overcharged in the process. >> i spoke with the coo of honeywell yesterday. he, i asked if he agreed with that bowles told me on tuesday. he felt this was a magic moment. here's what david cody had to say. >> there's a real recognition now of the magnitude of our debt problem. two years ago, people weren't really talking about it and the commission really brought that to the floor and that combined with this fiscal cliff is generating a very different conversation than it did say two years ago. >> do you think the conversation is different now than two years ago? >> definitely. david sat next to me in the commission. erin, you know from your time around washington that most of these commissions generate reports nobody ever sees. that particular commission was different and david and i voted for the final product bipartisan vote on it and i think it really called attention the fact we can successfully deal with our deficit in a balanced way with everything on the table and we're sensitive to the fact we're in economic recovery right now. we don't want to stall that recovery. let's do
at the contract. the guy who doesn't like the contract got $2.3 billion for his company honeywell. it led to $55 million for david cote himself. and get a load of that last number. why do they keep arguing to keep the bush tax cuts for the rich? david cote alone last year alone saved $2.5 million from the facts that they kept the bush tax cut for the rich. he says, yeah, let's take away that guy's home mortgage and maybe even my home mortgage deduction on my second home. [ chuckling ] but i'm keeping my $2.5 million a year. that's what this is about it's about greed. what is the result that have greed? they've been doing it to us for decades now. last year median household your earnings went down 4%. your income down 4% last year. well how did the top 400 do? according to forbes calculation, top 400 their income rose by $200 billion. more for them. less for you. that's what this is whole game is about. that's what this grand bargain is about. that's why now all of a sudden the republicans led by their ceo bosses are saying, take the deal. it's a great deal for us. that's the reality of what's ha
american express ceo -- and the ceos of aetna, ford, ibm, proctor & gamble, honeywell, pepsco, and -- many leaders said they are holding back hiring and spending because they're worried about washington gridlock over the fiscal cliff. what are we talking about here? .$7 trillion in tax hikes and spending cuts that's going to take effect next year if sknk and the president don't come up with a budget deal. nearly 90% of all americans will see an increase in taxes mechanics year. the average household will pay about $3,500 more a year in taxes. jennifer granholm is michigan's former governor and now host of current tv's "war the war room." you might remember her rouzing speech at the democratic national convention nominating president obama. it is now to the serious business of governing. jennifer, thank you for being with us. i know you bring that enthusiasm again to some of the big problems we have here. let's talk about the fiscal cliff, the democrats, republicans trying to figure out a way to avert this fiscal cliff by figuring out a way to agree on the budget. democrats want to raise th
-- the defense budget has always been championed by the republicans. when you see boeing get the call, honeywell is laying off people already in defense. you got real issues here for employment not just increases for people and taxes. employment. can't have that go down. >> people may not believe that it was the rise above rally. whether or not you believe it was rise above it 200-day moving average on s&p 500. we did reach that key technical level in yesterday's rally. whether or not you think it's because of kumbaya feelings between both sides on the fiscal cliff or not, technically speaking we're in a better place than we were yesterday. we'll have to see this reaffirmed by another couple closes. >> how about apple? >> apple massive rally. massive rally. >> there must have been people at 505 pressing in on the short side. think people at apple are laughing? i feel like i should take the pc and throw it out. what do i got, hewlett? >> and then you have a dell. >> punch line, yeah. hewlett packard. >> let's talk about best buy. we're talking those shares fall in premarket trade excludeing items
a good business. i mention deere and honeywell, these are companies that right now were growing. and so they had a reason to hire. honeywell has done a remarkable job. made an acquisition in refining dirty oil. talk about something we really need. making shale gas into liquified natural gas. that's a growth business. he should be the guy who is bringing people to work. for every eight people who retire, he's hiring one back. he should be hiring eight back but he says, listen, i got to do this right for the shareholders. >> on january 1st, it's not as though the world will come to an end if we don't get a deal. people are still going to spend. they may just not spend quite as much or perhaps pull back down in anticipation of not spending much then. >> it's unknown enough that it feels like it's armageddon. you go on twitter, how many geddons do you have? you know, what's important is that we don't know. we don't know and we have these discussions. >> we have so much to talk about. we haven't got to retailers. gap and sears in just a moment. meantime, there's more economic data for wall s
there, i think forgetting his last name, who runs honeywell who is on the competitive committee. there are guys out there who could be more natural allies. maybe the ship has sailed on jamie dimon and jpmorgan. >> relationship is not so hot. fiscal cliff is going to be a big part of "meet the press." >> we'll talk to schumer, coburn, really understanding the election and where the republican party goes from here as well. >> we've got to talk more about th karl rove thing. >> so he's upset that the obama campaign borrowed his play book? >> did the same thing. >> all right. thank you. >>> still to come, president obama goes where no president has been before. we will be here for an election dissection, looking at what happens next. john boehner signals a new willingness to compromise on immigration while senator mitch mcconnell is losing a few allies but keeping his leadership post. it's friday. we're going to indulge a bit in 2016 speculation. one thing we already know for sure, the first test of the clinton machine is coming up faster than you might think. >>> first, a look ahea
to compel the white house is congress to fix the debt in the coming months. >> and xerox, honeywell, general electric, they aren't small businesses at all. >> they don't own the manufacturing plants in ohio, pennsylvania, out west, of course not. but it's no secret the business campaign generally favored mitt romney during the campaign and this is clearly by the white house to extend an olive bran were by them and try to feel them back in the fold -- grow ahead. >> these big national companies, pepsico, ford, these are entities that have a lot of congressional districts throughout the united states. you are putting pressure on people that have a lot of tentacles. if you can't do it with the small businesses in as efficient way. >> some of the business leaders were pro obama and there's no doubt he won't back down on his call to have the richer pay more taxes. >> you say he is going to? >> no, no way in the world. he campaigned on it every single step of the day. >> why not do what lbj and bill clinton and ronald reagan did and smooze with the speaker of the house? he's the one you have to wi
of the other failures you talked about. >> the state of the economy right now, david cole, the ceo of honeywell, served on the simpson-bowles commission and met with the president this week. good to see you, david. and i wonder what you can tell us about the state of the economy right now as the president embarks on a second term. how bullish are you about improving conditions? >> right now, i'm not that bullish at all. in fact, i'd say there's a great uncertainty that's just hanging over the entire economy because we're not confident that our guys can govern anymore. we've got 536 independent contractors all talking about the significance of jobs, but the one thing that they could do that would remove that uncertainty and create this job growth we'd all like, they're not doing. and there's a couple of stumbling blocks. it's not just taxes. we have a significant problem with entitlements. medicare, medicaid in particular. those things need to get resolved together. if we could actually develop a $4 trillion credible market credible plan that would cause everyone out there to say, wow, we can go
popping the champagne yet. david coat, the honeywell ceo who met with president obama during that business leader summit last week says that the looming fiscal cliff is already impacting his business. >> right now i'm not that bullish at all. in fact i'd say there's a great uncertainly that's just hanging over the entire economy because we're not confident that our guys can govern anymore. people like me just aren't hiring because we're not confident they can do it. >> well, the white house echoed that concern this morning. a new report says failing to act on the president's plan for middle class americans would freeze the economic recovery. obama's plan includes lower taxes on the first $250,000 earned by every american and tweaking the alternative minimum tax. the white house report estimates that consumer spending would fall by $200 million. now that's more than three times what consumers spent just over this entire holiday weekend. there could be a drag on a range of industries from cars and housing to restaurants and supermarkets, if congress can't reach a deal. and look, pocketbook i
of "andrea mitchell reports." tomorrow on the show, honeywell international chairman and ceo david cody, democratic senator john tester and politico's mike allen. tamron hall with a look at what's next on "news nation." >> next hour we are following big breaking news right now. senator joe lieberman is meeting with ambassador susan rice hours after she met with mccain, ayotte and graham. we have new reaction. plus a live report from capitol hill and joel reuben will joan me coming up. president obama takes a page from his election success by using the power of the people when it comes to the fiscal cliff. we have the latest on the president's plan to take his message on the fiscal cliff negotiations right to the public. [ female announcer ] you can make macaroni & cheese without freshly-made pasta. you could also cut corners by making it without 100% real cheddar cheese. but then...it wouldn't be stouffer's mac & cheese. just one of over 70 satisfying recipes for one from stouffer's. to provide a better benefits package... oahhh! [ male announcer ] it made a big splash with the employee
cliff. we speak to honeywell's david cote.
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